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Old 10-21-2014, 11:11 PM
 
79 posts, read 153,052 times
Reputation: 98

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You bought in mid 2009, and are losing big? Wow, they were practically giving away homes in 2009. I bought a condo in Summerlin, and a townhouse in Phoenix in 2009 for 35K, and 22K. You must have paid way too much, and/or insisted on buying new so you could pick out your shade of beige carpet. Here is a chart of Arizona prices. April 2009 median was almost 60% less than the peak. I know RE is local, but the crash was national. NC was similar. I think we are still not getting the full story. Every few days you release another piece of critical information. First, that you are competing with a foreclosure at 130K, now you bought in 2009. What's next? Did you buy it from a "friend" at church?
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Old 10-21-2014, 11:47 PM
 
4,344 posts, read 5,784,490 times
Reputation: 2465
Caltex your really trying to see if I'm bluffing? First off, the market here was good in 2009. We looked at 2 houses that were the exact same floor plan. Stripping wallpaper vs no wallpaper, a rough part of town vs a good part of town....yep worth every bit of the 3K more we paid for the house.

You can think you're not getting the full story all you want. Its all out there. The housing market sucks here and thats an obvious fact.
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Old 10-22-2014, 03:51 AM
 
79 posts, read 153,052 times
Reputation: 98
North Carolina Home Prices and Home Values - Zillow

NC must be a judicial foreclosure state, and that is why it crashed later, but is taking much longer to heal. Same with MD. VA, OTOH, is at new peaks in some areas.

I also, noted your gripe about the virtually free medical care your family receives. How much do you think it would cost to insure your family on your own, and what do you think your deductible would be? Your premiums could easily be more than the mortgage on your pink elephant.

Mid 2009 was the most uncertain time for our economy, both nationally and internationally, in my lifetime. More uncertain than after JFK's assassination, the Vietnam Peace Riots, the Energy Crisis, Jimmy Carter's Presidency, and the 9-11 attacks. The stock market had lost half of its value. National housing prices were in a precipitous decline. Yet, you went out and bought a home on margin, but you're not "risk-takers." And this was going on right in your back yard: http://www.fbi.gov/charlotte/press-r...9/ce070109.htm

I think you were a) either living in a cave or b) actually believed Obama. Either way, you were uninformed and/or misinformed. Everyone makes mistakes, but how we take responsibility for them is what determines one's integrity.

Last edited by cal-tex; 10-22-2014 at 04:41 AM..
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Old 10-22-2014, 11:45 AM
 
Location: NYC
16,061 posts, read 26,692,634 times
Reputation: 24848
I don't know why everyone is piling all over the OP. Chill.
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Old 10-22-2014, 04:08 PM
 
4,344 posts, read 5,784,490 times
Reputation: 2465
Quote:
Originally Posted by cal-tex View Post
North Carolina Home Prices and Home Values - Zillow

NC must be a judicial foreclosure state, and that is why it crashed later, but is taking much longer to heal. Same with MD. VA, OTOH, is at new peaks in some areas.

I also, noted your gripe about the virtually free medical care your family receives. How much do you think it would cost to insure your family on your own, and what do you think your deductible would be? Your premiums could easily be more than the mortgage on your pink elephant.

Mid 2009 was the most uncertain time for our economy, both nationally and internationally, in my lifetime. More uncertain than after JFK's assassination, the Vietnam Peace Riots, the Energy Crisis, Jimmy Carter's Presidency, and the 9-11 attacks. The stock market had lost half of its value. National housing prices were in a precipitous decline. Yet, you went out and bought a home on margin, but you're not "risk-takers." And this was going on right in your back yard: FBI — Beazer Homes U.S.A., Inc. Reaches $50,000,000 Settlement of Mortgage and Accounting Fraud with United States

I think you were a) either living in a cave or b) actually believed Obama. Either way, you were uninformed and/or misinformed. Everyone makes mistakes, but how we take responsibility for them is what determines one's integrity.
1) You quoted zillow. They are crap.
2) Back off. Until you walk a day in my shoes, you can't say anything. I've delt with crap with the military my grandparents and my mother in law never had on their plates.
3) I am done with "talking" you cal-tex. Normally I am very respectful, but you are not worth my time.
Have a good day.

Last edited by ladybug07; 10-22-2014 at 05:06 PM..
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Old 10-23-2014, 07:28 PM
 
687 posts, read 912,739 times
Reputation: 2243
Default A tale of two houses

Ladybug, this is the predicament you might be in.

Let me show you two homes which I went to look at recently. Actually, I only went to go look at the foreclosure and the adjacent property happened to be for sale as well so my agent and I went to look at that anyway after a phone call to the listing agent.

You can see them on Zillow. One is a foreclosure and one appears to be a regular sale. Neither make a difference to me (or really to anyone) so the point is moot.

3427 Marble Arch Dr, Pasadena, MD 21122 - Foreclosure - Zillow

3429 Marble Arch Dr, Pasadena, MD 21122 is For Sale - Zillow

The two houses are here. The first one, the foreclosure has an asking price of $180k (note that it may sell for less). The size of the structure is only 44 sq. ft. smaller than the second, a negligible amount. 44 square feet basically amounts to a, very, small bathroom and is larger than a lot of closets nowadays.

The two homes are in very similar condition, not drastically different enough to make me prefer one or the other although the foreclosure is in need of light cosmetic work, that's all it is, just surface cosmetics. The bones are intact. It actually has a newer water heater and newer roof (which is $$$ in my book).

The second house does have a slightly larger lot at just over 4000 sq. ft. (I grew up on 43500 sq. ft. so it's small but it'll do for a starter) versus just under 3,500 sq. ft. Is the difference worth $90,000.00 in asking price though? You bet yer **** it isn't worth that amount. It's also on the corner, but is the extra traffic a good thing? It's actually kind of a turn off although the fence is nice.

Don't get me wrong, it's a pretty house, but it's not worth over a quarter of a million dollars, not even close, not in a declining neighborhood (you'd have to be local to understand, it was top-notch 20 years ago) and certainly not worth it when there's a house next door going for A LOT less and which would really only need a new coat of paint and some hardwood in a couple rooms to make it basically the same as the one adjacent. Not a 90k remodel job, not even close and not for a guy who's the least bit handy.

So honestly, ask yourself. For a guy like me just starting out....which do you think I'll spring for? Remember, I found the foreclosure in the listings before I found the higher priced one next door (which I would not seriously consider even if it were in my price range). If I were going to pay 270k for something there are better neighborhoods. But 180k for a starter sounds reasonable (though I'd offer 160k to the bank to start)
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